Union Cabinet Approves Rs 12,000-Crore Green Energy Corridor

Union Cabinet Approves Rs 12,000-Crore Green Energy Corridor

Business


The Union cabinet on Thursday approved  the second phase of the green energy corridor of the intra-state transmission system at a cost of Rs 12,000 crore. Under the scheme, around 10,750 circuit kilometres of transmission lines and around 27,500 mega volt amperes transformation capacity of sub-stations will be added. The scheme will achieve grid integration and power evacuation of approximately 20 GW of Renewable Energy (RE) power projects in seven states including Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu and Uttar Pradesh.

“The second phase of the green energy corridor will be implemented between 2021-22 and 2025-26,” said Anurag Thakur, the minister for information and broadcasting during press briefing.

The scheme is targeted to be set up with total estimated cost of Rs 12,031.33 crore and central financial assistance at 33 per cent of the project cost i.e. Rs 3970.34 crore, the Cabinet Committee on Economic Affairs (CCEA) said.  The central financial assistance will help in offsetting the intra-state transmission charges and thus keep the power costs down.

The project will also contribute to long term energy security of the country and promote ecologically sustainable growth by reducing carbon footprint. It will generate large direct and indirect employment opportunities for both skilled and unskilled personnel in power and other related sectors, Union Cabinet said.

The scheme is a crucial component of India’s plans to generate 500 GW of renewable energy by 2030. German state-owned investment and development bank group KfW will provide the loans for the scheme. It is the world’s largest national development bank.

The Cabinet has also approved the construction of a bridge over the Mahakali river on the Nepal border. The bridge is expected to benefit people living on both sides of the river which acts as the international border.

Read all the Latest News, Breaking News and Coronavirus News here.



Source link

Leave a Reply

Your email address will not be published.